We investigated the oxygen and acid–base status of the densely lamellated oyster, Ostrea denselamellosa, during air exposure for 24 h. The hemolymph O_2 partial pressure decreased from 68.0 torr (mean value) to 52.1 torr during air exposure for 18 h, and reached 42.1 torr after 24 h. The hemolymph pH decreased from 7.579 to 6.798 at 18 h and to 6.361 at 24 h. The hemolymph CO_2 partial pressure increased from 1.30 torr to 40.9 torr at 24 h during air exposure. The hemolymph bicarbonate concentration increased from 1.36 mM/L to 2.81 mM/L at 24 h. The hemolymph calcium ion concentration increased from 8.2 mM/L to 10.9 mM/L at 24 h. From these results, it was revealed that the densely lamellated oysters caused a progressive hypoxemia by hypoventilation of the gill during air exposure. The densely lamellated oysters were inhibited from releasing CO_2 from the gill by hypoventilation, and respiratory acidosis was caused due to the accumulated CO_2. The densely lamellated oysters exposed to air for a long time developed metabolic acidosis due to anaerobic metabolism partially compensated with mobilized [HCO_3^–] from the shell valve.